A year ago, President Trump signed an executive order that directed agencies to identify two regulations to cut for every new one they intended to issue. We're 37 days into 2018 and it appears the president is keeping his word: “In our drive to make Washington accountable, we have eliminated more regulations in our first year than any administration in history of our country,” Trump said during his State of the Union speech last week.
Even the most cynical nay-sayer should feel positive about this changing regulatory climate.
We are especially encouraged with regard to the future of automated overdraft programs for several reasons:
- A diminishing role for the Consumer Financial Protection Bureau (CFPB) after Trump appointed new leadership to the agency and the Supreme Court upheld the decision
- A former banker, Joseph Otting, was sworn in as U.S. comptroller of the currency to serve as the leading regulator of national banks
- Approved changes to Dodd-Frank reforms
- Five federal financial regulatory agencies revealed likely changes to overdraft programs that seem rather minor, including revised disclosures, standard posting order and balance calculation methods